May '24 (edited) • 5 Day Career Growth Challenge
5 Day Challenge: Kickstart your career growth in just 5 days!
🌟 Welcome to the 5-Day Career Growth Challenge! 🌟
Are you ready to start your career growth journey? 🚀
This week, we're diving into a mini-bootcamp to kickstart your career advancement. Each day, you'll engage in activities designed to help you grow or determine if your current company supports your growth. 📈
Key Points to Keep in Mind:
- Intentional Growth: Career growth doesn't just happen; it’s intentional. Promotions and raises should be part of your plan and supported by your company’s culture. 🎯
- Employee and Supervisor Perspectives: Understand career growth from both the employee’s (YOU) and the supervisor’s viewpoints. Managers want promotable employees who perform well. 🏆
- Company Culture: Recognize if your company values great work and is willing to promote or just aims to get the most from employees without recognizing their contributions. 🏢
Sometimes growth occurs just because you showed up. These are typical pay raises without a promotion, and generally have to do with inflation and cost of living. Don't confuse this raise (generally 3%) with what you can see during a promotion.
Our goal is to have raises above and beyond these cost of living increases through the company paying you for the value you deliver. This also leads to a greater future for you.
Example: Here is some quick info on raises:
Reasons for Automatic Raises that don't involve promotions:
- End of Probation: After 6-12 months.
- First Review: After initial evaluations.
- Cost of Living Adjustments (COLA): Annual raises to match living costs (typically 3-5%).
- Parity Adjustments: Ensuring pay equity among employees in similar roles. 💼
Union-Based Promotions:
- Note: Union-based promotions are generally based on contracts and are not the focus here. 🤝
Reasons for "Earned" raises:
Now, let's talk about actually intentionally getting a raise/promotion.
Reasons for Earned Raises:
- Exceptional Performance: Consistently exceeding performance expectations and achieving outstanding results.
- Taking on Additional Responsibilities: Voluntarily assuming extra duties or larger projects beyond your job description.
- Skill Development and Certifications: Acquiring new skills, earning certifications, or completing advanced training relevant to your role.
- Contribution to Company Goals: Directly contributing to the achievement of key company goals or metrics, such as increasing revenue or reducing costs.
- Innovation and Problem-Solving: Proposing and implementing innovative solutions that improve processes, products, or services.
- Leadership and Team Contribution: Demonstrating strong leadership skills, mentoring colleagues, and contributing positively to team dynamics.
- Positive Feedback and Recognition: Receiving consistent positive feedback from supervisors, peers, and clients or customers.
- Successfully Leading Projects: Leading successful projects that have a significant impact on the company.
- Achieving Personal Performance Goals: Meeting or exceeding personal performance targets set during performance reviews.
- Advocacy and Representation: Effectively representing the company at industry events, conferences, or in client meetings.
You can see the difference. Our goal is to get intentional pay increases, which typically range from 5%-15% for entry level to mid level employees and 10% - 20% for mid level to higher level employees. Executives may see even more increases the higher they go in a company.
Think about this: What are YOU trying to accomplish right now? What kind of intentional raise? If you make $65,000 per year (typical entry level salary), and you achieve a 10% raise, that's an additional $6,500, bringing your annual earnings to $71,500. That's a big change!
Now, if you do that again, you end up going to $78,650. Wow, now we're talking. Between those two raises, that's an additional $1,137.50 per month pre-tax. That's a game changer for many. Then as you progress, the magic of compounding gains really starts up.
Here's the math on that:
If you make $65,000 per year and receive a 10% raise annually, here is what you would make each year until your salary exceeds $100,000:
- Year 1: $65,000
- Year 2: $71,500
- Year 3: $78,650
- Year 4: $86,515
- Year 5: $95,166.50
- Year 6: $104,683.15
It takes 5 years to reach a salary of $100,000 per year.
While I can't guarantee any amount of raise for you, this gives you an example of simply adding a 10% increase per year. If you are an awesome employee, this should be achievable in most companies.
Ready to get going on the promotions? Join me in the 5-day challenge.
Our Goals for This Week:
We'll uncover the key components to securing a promotion and raise. Take it one day at a time, keep an open mind, and don't feel overwhelmed. 🌟
Mindset for Conversations:
When discussing your growth with your boss, focus on how you can help the company by being the best employee you can be. 💪
See you on Day 1, where we'll explore the types of promotions and set the foundation for your career growth! 🗝️
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5 Day Challenge: Kickstart your career growth in just 5 days!
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